The Bay Street Financial District is shown with the Canadian flag in Toronto on Friday, August 5, 2022. (Photo: Canadian Press)

By Canadian Press

Economy stayed flat in August, estimate suggests economy shrank in Q3: StatCan

Oct 31, 2023 | 6:58 AM

OTTAWA, ON – Statistics Canada says the economy remained flat in August while a preliminary estimate suggests it shrank during the third quarter.

The federal agency released today its August gross domestic product report, which found higher interest rates, inflation, forest fires and drought conditions continued to weigh on the economy.

August marked the second consecutive month where growth remained flat and an advance estimate suggests the economy continued that trend in September.

The report says eight out of 20 industries grew, while growth in services-producing sectors was offset by the goods-producing sectors.

For the third quarter, a preliminary estimate from Statistics Canada suggests the economy shrank at an annualized rate of 0.1 per cent, which would follow a contraction in the second quarter.

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A recent forecast from the Bank of Canada suggests economic growth will remain weak for the rest of the year, and into 2024.

This report by The Canadian Press was first published Oct. 31, 2023.

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